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Economics Finals Reviews

Across
The study of individual economic behaviour
The Highest price that can be charged for a particular good or service.
A business jointly owned by two or more people.
Economic problems are solved by the government and market
Decisions whose total benefit is greater than or equal to their total cost.
Channel between savers and borrowers of funds.
Refers unemployment due to skills or jobs that has become obsolete, or workers replaced by technology.
Occurs when the quantity supplied is greater than the quantity demanded.
The application of scientific knowledge to increase production.
Fixed amount or percentage of an insurance claim that is the responsibility of the insured.
Refers to unemployment caused by a recession.
The economy as a whole
Safeguarding one's wealth against those who may have claims against it.
Down
The process of concentrating on and becoming expert in a particular subject or skill.
Refers to unemployment identified as being between jobs, new to the labor force, switching jobs, or has been fired.
Quantity demanded equals quantity supplied
the cost added by producing one additional unit of a product or service.
When a limited amount of goods and services are available to meet unlimited wants and needs
What you must give up to obtain something else, the second-best alternative.
Trade that is mutually beneficial to both parties.
Neither a speculator nor a gambler but one whose primary objectives are preservation of the original investment.
How society decides what, how, and for whom to produce
Pay out in buying or hiring goods or services.
Rely on sellers offering their goods or services (including labor) in exchange for money from buyers.